In major cities such as Los Angeles, San Francisco, New York, and Washington D.C., there is plenty of culture to go around. Many people want to live in that hotbed of hip restaurants, local shopping, and being able to grab some fresh groceries without hitting bumper to bumper traffic.
But let’s talk long run. A study from last year from Redfin suggests that there is a 0.9% increase in home values if it has the walkability. Take the chart below:
Another source to use is WalkScore.com. A website dedicated to looking at what is around a property, and calculating a score out of 100. Take the townhouse on 13412 Moorpark Street, Unit D in the Los Angeles neighborhood of Sherman Oaks (please click here for more information on the townhouse, as it is available for sale). This unit has a WalkScore.com rating of 73/100. The website references all of the restaurants and shops on Ventura Boulevard, a popular street nearby. For many buyers, they will put value on this townhouse over others that don’t have similar walkability.
If you are not sure on where exactly to live, or you are thinking long term on your first, second, or third investment, you need to think walkability. It can make for a great investment in the long run and worth the premium price today.
How has walkability affected your lifestyle and neighborhood? Let’s start the conversation!
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